If Trump Can Remove Lisa Cook From Federal Reserve, Trump Move Against More Fed Governors: Hakimian

Forbes Breaking News

On "What's Moving Your Money with Spencer Hakimian," Spencer responds to Fed Governor Lisa Cook's response to President Trump's attempt to remove her from the Federal Reserve.

Transcript

00:00and I hope you enjoy.

00:06So today we got big news in that Lisa Cook is countersuing President Trump on a personal basis

00:13and that she wants to stay on the Federal Reserve during this appeals process. Now the Federal

00:20Reserve has said they will defer to whatever the courts say. If the courts rule that she did

00:26something illegal as it related to her secondary mortgage, then the Federal Reserve will advise

00:32that she no longer participates on the board. If the courts find that she did not do anything

00:38worthy of being fired, then the Federal Reserve will keep her on the board. And if you go back

00:43to our previous episode, we spoke about the risks of Powell doing that. I also made a short TikTok

00:50and Instagram post today about this very specific risk. So you should go there and check it out

00:56as well. Now, tomorrow we are going to get the first legal hearing in front of a judge in the

01:03Lisa Cook case. It will be pivotal to see how the courts respond. Not only because the Fed said they

01:11will listen to whatever the courts say, but beyond that, it is because if Trump is able to fire Lisa

01:19Cook off the Federal Reserve for this, you can bet there are going to be many more lawsuits coming

01:26in the future against other Federal Reserve members that are not willing to toe the president's line.

01:32Everyone on that board, if you go looking deep enough, you will likely find a minor infraction.

01:39Everyone is human. Everyone has made mistakes, minor mistakes intentionally, unintentionally in their

01:45lifetime. If you chase someone with the police car down a highway, eventually they will slip and you

01:52can pull them over. It is the same philosophy here. So it will be very interesting to see what the judge

01:59rules, not just in terms of the actual ruling, but for the precedent that it sets for Trump in these

02:05remaining three and a half years. And then every president beyond that, that will use this precedence

02:11if it is afforded to them. So it's going to be very interesting and we are going to cover it.

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